Appendix B: Glossary of Terms 📖

This glossary defines key terms used throughout the PaySocial documentation to assist readers in understanding technical concepts.

Blockchain: A decentralized ledger technology that records transactions across a network of computers.
Cryptocurrency: Digital or virtual currency that uses cryptography for security.
Decentralized Identity (DID): A system that allows users to create and manage their digital identities without centralized authorities.
Decentralized Autonomous Organization (DAO): An organization represented by rules encoded as computer programs that is transparent and controlled by organization members.
Smart Contract: Self-executing contracts with the terms directly written into code.
Tokenomics: The study and design of the economics of a cryptocurrency token.
Staking: The process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network.
Liquidity Pool: A collection of funds locked in a smart contract that provides liquidity for decentralized exchanges.
Cross-Chain Interoperability: The ability for different blockchain networks to communicate and interact with each other.
Non-Fungible Token (NFT): A unique digital asset representing ownership of specific items or content.
Proof of Stake (PoS): A consensus mechanism where validators are chosen based on the number of tokens they hold and are willing to 'stake' as collateral.
Zero-Knowledge Proofs: Cryptographic methods that allow one party to prove to another that a statement is true without revealing any additional information.

This glossary is intended to be a living document that evolves with the platform. Users are encouraged to provide feedback or suggest additions.

Understanding these terms is crucial for fully grasping the functionalities and benefits of the PaySocial platform.